Last Updated on June 19, 2023 by Rental Recon
As an Airbnb host, it can be overwhelming to manage your rental property while ensuring maximum profits. Because these adjustments take a lot of time and effort to manually calculate, many hosts use dynamic pricing tools. That’s why today we will be comparing Wheelhouse vs. Pricelabs, two popular tools for rental price management on the market. Read on for an in-depth comparison of these two pricing tools, to help you choose the best one for your Airbnb rental or vacation rental business.
Wheelhouse Vs. Pricelabs: The Winner Is…
When it comes to choosing the best Airbnb pricing tool, Wheelhouse is the clear winner based on the features offered, customer service, and pricing options. Let’s take a deep dive into the two softwares to see why.
Overview of Wheelhouse and Pricelabs
Both Wheelhouse and Pricelabs are dynamic pricing tools that use data-driven algorithms to set optimal prices for vacation rentals. These tools can analyze market trends, seasonal fluctuations, and local events to predict where demand meets availability and adjust prices accordingly. Also, both Wheelhouse and Pricelabs offer a range of integrations. However, there are several differences between the two platforms that set them apart.
There are a ton of Airbnb pricing tools on the web, but Wheelhouse offers a user-friendly platform, which boosted our revenue by 20%. Their pricing algorithm is based on a multi-tiered approach that takes into account past occupancy rates, competitor prices, and user-defined rules.
Wheelhouse also offers revenue management reports, insights, and a team of pricing experts to help you maximize your rental profits.
On the other hand, Pricelabs is a sophisticated pricing tool that offers advanced features such as automatic minimum stay settings, custom pricing rules, and dynamic last-minute discounts.
Pricelabs provides a detailed calendar view, allowing you to visualize pricing changes over time, and also has API integration for vacation rental software. But, the detailed layout is a bit complicated.
Why do you need a dynamic pricing tool for your business?
Vacation rental managers need to make sure we’re making the most money possible from our vacation rentals, right? Well, that’s where dynamic pricing comes in.
Basically, dynamic pricing tools help hosts set the perfect nightly rate for their short-term rental by taking into account real-time market data, seasonality, local events suggested prices and demand trends. By automatically adjusting your rates based on all of these factors, you can be sure you’re charging the highest possible price for your rental.
But it’s not just about making more money. Dynamic pricing tools can also help you stay competitive in a crowded marketplace. With so many vacation rentals available online, it’s important to make sure your property is priced appropriately to attract bookings and compete with similar listings in your area. A dynamic pricing tool can help you stay on top of changing market conditions and adjust your rates in real-time to ensure your property is priced competitively.
And perhaps best of all, pricing tools like these can save you time and simplify your strategy. Rather than manually adjusting rates based on local market conditions, a dynamic pricing tool can automate the process and make it easy to set the optimal nightly rate for your vacation rental. This can save property managers, like you, a lot of time and effort, allowing you to focus on other aspects of your business.
So if you want to maximize your revenue and stay competitive, a dynamic pricing tool like Wheelhouse or Pricelabs is definitely worth considering.
Wheelhouse and PriceLabs Pricing Comparison
When it comes to Wheelhouse vs. PriceLabs, the first thing we’ll be comparing is the cost of these pricing tools. Pricing is a critical factor in choosing a pricing tool for your vacation rental business. Both Wheelhouse and Pricelabs offer competitive pricing plans, but their pricing models differ.
Wheelhouse offers a flexible pricing model based on the number of listings and the pricing plan selected. Their Pro Flat rate starts at $19.99 per month, with additional discounts based on the number of listings and bookings. They also offer a Pro Flex plan that charges you 1% of revenue.
Wheelhouse does not offer a free trial, but initially connecting your account is free and you will have access to 18 months’ worth of pricing recommendations and Market intel.
Pricelabs, on the other hand, offers dynamic pricing for one listing starting at $19.99 per month. If you have more than one listing you can take a look at their pricing calculator as the price per listing does decrease as you add additional properties.
Alternatively, Pricelabs does offer a 30-day free trial, allowing you to test the pricing tool before committing to its base price.
Dynamic pricing tools can integrate directly with channels like Airbnb and VRBO , or they can send price updates through your PMS (Property Management System) or a Channel Manager like Guestly. Both Wheelhouse and Pricelabs are designed to integrate with a variety of property management systems (PMS) and channel managers, making it easy for property managers to use their dynamic pricing tools alongside their existing software.
Wheelhouse, for example, integrates directly with Airbnb, making it a great Airbnb pricing tool. But, it’s a bit more complicated when it comes to Homeaway, Vrbo, and Booking.com. You will first need to connect your account with one of their channel managers like Rentals United or MyVR. This allows hosts to seamlessly connect their listings to the Wheelhouse pricing engine and automate their strategy across multiple channels.
Pricelabs also offers integrations with a wide range of PMS platforms and channel managers, including Airbnb, Vrbo, Booking.com, and more. In addition, Pricelabs offers a robust API that allows hosts to build custom integrations and connect their pricing data to other tools and platforms.
Customer service is a crucial benefit to consider when looking at various vacation rental pricing tools, as you may require assistance in setting up, configuring, or troubleshooting the software.
Wheelhouse Customer Service
Wheelhouse offers 24/7 email and chat support. They usually respond within minutes and are easy to get a hold of. They also offer in-depth resources beyond pricing, such as articles, webinars, and case studies to help you optimize your pricing strategy.
Pricelabs Customer Service
Pricelabs offers 24/7 email and phone support. But, it may take up to 24 hours to hear from the team. They also provide an extensive knowledge base, with articles, FAQs, and video tutorials to help users understand the platform’s features and functionalities.
Side-by-Side Review for Wheelhouse Vs. PriceLabs
Both platforms offer customizable pricing rules based on seasonality, demand, and competition. Both platforms also offer real-time market data analysis to optimize pricing. As mentioned above, both platforms also offer integrations with popular vacation rental platforms such as Airbnb, Vrbo, and Booking.com.
However, there are some important differences between Wheelhouse and Pricelabs.
Best Wheelhouse Features
Wheelhouse offers a dedicated team of revenue management experts who can see rental markets and provide personalized pricing strategies. They also analyze data-driven recommendations based on competitors in your market.
Another unique feature is Wheelhouse’s new Hybrid Pricing. This new system of combining Rule-Based pricing and Data-Driven pricing creates a flexible, customizable & scalable revenue management tool.
Lastly, the Wheelhouse dashboard is easy to use. You can see all your portfolio analytics in one easy-to-navigate space.
Best Pricelabs Features
One feature that sets Pricelabs apart is its advanced seasonality settings. With Pricelabs, hosts can create custom seasonality settings for their rental properties based on a wide range of factors, including weather patterns, local events, and more. This can help hosts optimize their pricing strategy even further and ensure they’re charging the right rates at the right time.
Another unique feature of Pricelabs is its detailed dashboard, which provides hosts with detailed data and analysis on their rental pricing strategy. While it may be more difficult to use than Wheelhouse, it includes a variety of valuable metrics and insights, such as booking trends, market data, and competitor analysis, that can help hosts make more informed pricing decisions and stay ahead of the competition.
We have examined Wheelhouse to test the best and worst features, Here is what we've found!
- Many Pricing Options.
- Email and Chat support available.
- Great user interface
- Automatic pricing can be inaccurate.
We reviewed their offerings under the categories of ease of use, features, value, price and customer impressions. Here are the results:
- Market Reports and Comps Data
- See Competitor's Occupancy Rates
- Syncing Prices Between Airbnb, VRBO, Etc.
- Interface Can Be Confusing
- Issues Integrating with VRBO
Both Wheelhouse and Pricelabs are excellent pricing tools that can help you maximize your vacation rental profits. The decision of which tool to use depends on your specific needs and preferences.
If you’re looking for a user-friendly revenue management tool with a simple pricing model, Wheelhouse is an excellent option. With its flexible pricing plans, revenue management reports, and a team of pricing experts, Wheelhouse offers everything you need to automate your pricing strategy and boost your rental profits.
On the other hand, if you’re looking for a more sophisticated pricing tool with advanced customization options, Pricelabs is an excellent choice. With its dynamic pricing rules, minimum stay settings, pricing engine, and API integration, Pricelabs offers the flexibility and control you need to optimize your rental pricing and increase your revenue. However, please keep in mind that you may not get as much ROI based on the software cost.